Business Process Outsourcing Services Market Procurement Intelligence Report | Forecasts of over USD 70 Billion Spend Growth in the Business Process Outsourcing Services Market
LONDON--(BUSINESS WIRE)--Nov 29, 2019--
SpendEdge has been monitoring the global business process outsourcing services market and the market is poised to experience spend growth of more than USD 70 billion between 2018-2023 at a CAGR of over 7% during the forecast period. Request Free Sample Pages.
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SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Business Process Outsourcing Services Market Procurement Intelligence Report (Graphic: Business Wire)
Read the 108-page research report with TOC and LOE on “The Global Business Process Outsourcing Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
Imposing challenges such as lack of technical expertise, supply chain complexities, and customer attrition are driving buyers across sectors to outsource such functions to support experts. This will act as one of the prominent growth drivers in the business process outsourcing services market. In a bid to deepen the focus on core activities, buyers from healthcare sectors are outsourcing functions such as medical billing and collection, medical coding services, payment posting, revenue cycle management services, and medical claims processing services. This will contribute to spend growth in this market during the forecast period.
APAC is one of the most sought-after outsourcing destinations. The prevalence of low wages and rent for office spaces allow suppliers the liberty to offer BPO services at competitive rates. In terms of spend share, India and the Philippines are the two competing regions. Business process outsourcing services suppliers in India are expanding to tier-2 and tier-3 cities to maintain low wages and offer the best industry prices to attract global clients.
Meanwhile, in the US, the demand for vertical BPOs is growing significantly owing to the requirements from the healthcare and airline industries. In Europe, automotive and telecommunication industries are among the major end-user segments of the business process outsourcing services market. Major Europe-based companies are reducing their number of employees to offset the rise in OPEX that results predominantly from the rise in wages, which will help the region sustain their market share.
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Insights into the market pricing trends
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Some of the top business process outsourcing services suppliers enlisted in this report
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INDUSTRY KEYWORD: AUTOMOTIVE ACCOUNTING TECHNOLOGY PROFESSIONAL SERVICES OTHER HEALTH HEALTH AIR TRANSPORT OTHER AUTOMOTIVE TELECOMMUNICATIONS OTHER PROFESSIONAL SERVICES
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